Wireless technology has been gaining immense popularity since the past few years. People nowadays prefer wireless devices over connected devices, mainly because of high speed and the convenience of use. The latest development in the wireless technology happens to be wireless gigabit that operates using the bandwidth of 60 Hz or more, thus, providing rapid data transmission and high-speed communication. Along with providing a higher level of accuracy in data transmission and security, it also exhibits faster speed than the Wi-Fi. This enables the users to connect the mobiles and the computers without any wires. The growth of technologies like the Internet of Things (IoT), cloud, artificial intelligence, augmented reality, and virtual reality is expected to encourage more growth in wireless technology.
The global wireless gigabit market that was estimated to be worth USD 0.30 Billion in 2015 is expected to be valued at USD 2.73 Billion by 2022, growing at a CAGR of 32.9% between 2016 and 2022.
Explosive growth in usage of smartphones across the globe is majorly driving the wireless gigabit market. Since it supports wireless connectivity, there has been an increased need for the integration of wireless chipsets considering the rising cellular connectivity. Huge demand for connectivity and the need for higher data speeds are expected to increase the adoption rate of advanced technologies such as IEEE 802.11ad standards that is to be integrated into smartphones.
How is the market progressing, geographically?
Among regions, the market in APAC is estimated to dominate the global market with the highest share and is also likely to grow at the highest CAGR, owing to the presence of a large number of WiGig manufacturers and their manufacturing capabilities. It is also expected to offer potential growth opportunities over the coming years. Emerging economies of this region are expected witness higher growth, with consumer electronics manufacturers likely to enter these markets with cost-effective devices. Increasing penetration of internet-enabled devices and advancements in wireless technology due to APAC being a major manufacturing hub are the key drivers for the growth of this market in this region.
Drivers and restraints for the market growth
The growth of the global market for wireless gigabit is being majorly influenced by the following factors:
- Continuous technological innovations and advancements
- Growing need for faster data transfer
- Launch of new spectrums (frequency bands) and increased penetration into upcoming economies
- Explosive growth in handheld and portable consumer electronics
Moreover, increased usage of smartphones across the globe and rapidly growing next-generation computing devices are expected to offer an array of growth opportunities for the market.
However, rising manufacturing costs with development of complex embedded WiGig chipsets
and short operating range of WiGig products are the major factors that may act as deterrents for the growth of this market. Apart from this, high frequency of internal substitution remains a major challenge for the leading players involved in this market.
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Key market players and strategies adopted for sustained growth
Samsung Electronics Co., Ltd, (South Korea), Panasonic Corp. (Japan), NEC Corp. (Japan), AzureWave (Taiwan), and MediaTek (Taiwan) are some of the major players operating in the global market for wireless gigabit. These players are adopting various growth strategies such as new technology launches, partnerships, and mergers & acquisitions in order to cater to the needs and demands of the global market as well as witness sustained growth in the coming years.